US EditionFord Cancels $6.5B Battery Deal in EV Retreat
Ford is reallocating billions from large battery electric vehicles to hybrids and energy storage amid weakening EV demand and policy shifts, taking a $19.5 billion charge.
- On Dec. 15, Ford Motor Co. announced a major pivot recording a $19.5 billion charge and ending production of the 2025 all-electric F-150 Lightning, retreating from select large EVs.
- With U.S. EV sales slumping, Ford said the early end of the $7,500 federal EV tax credit and regulatory rollbacks reduced demand, eroding the business case for select larger electric vehicles.
- Ford will convert the Lightning into an EREV and plans to build 20GWh of battery storage using cheaper LFP cells at BlueOval SK Battery Park in Glendale, Kentucky, and BlueOval Battery Park Michigan in Marshall, Michigan.
- SK On ended its joint venture last week and will fully own the Tennessee battery plant; SK Battery Park faces 1,600 layoffs while Ford plans 2,100 and at least 2,300 U.S. factory hires, Ford said.
- By 2030 Ford Motor Co. expects 50% of global volume to be hybrids, EREVs, and EVs, prioritizing Europe where EV sales rose 36% in November and advancing its $5 billion Universal EV Platform.
228 Articles
228 Articles
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